1. be a citizen of the US 2. 1. either buyer or seller, based on their agreement B. habitual intoxication or drug addiction 1. 4. taking a listing, a non resident broker may open an office in VA, provided she does which of the following? 3. the names and address of all salespersons must be sent to the real estate board Standard of Practice 1-2. 1. get her license from tom and take it to jane 4. there is no max assessment, New licensee applicants are required to pay into the Transaction Recovery Fund. 2. the licensee notify the board within 10 days 2. must complete 145 credit hours of courses approved by the board Real Property Law 441-c provides, in part, that the Department of State may revoke, suspend, fine or reprimand a real estate broker or salesperson if that licensee is found to have, among other things, violated any provision of Article 12-A of the Real Property Law, engaged in fraud or fraudulent practices, or demonstrated untrustworthiness or 1. to facilitate supervision, it must be located within a reasonable distance from the main office the broker is guilty of: 3. enable licensed real estate professionals to earn more money 2. continue to use cards and stationary which state that he is a licensee VA association of realtors 1. misrepresentation A. 3. a real estate developer that has been defrauded in a real estate transaction 7 licensees (with at least 3 years experience) and 2 consumers Our online system provides more efficient services to those applying for a Real Estate Broker and Salesperson license. B. Darrell, the contractor 3. after conducting a hearing 400,000, In a single transaction, what is the maximum amount that a person can collect from the Transaction Recovery Fund due to licensee misconduct? 3. upon the request from the salesperson to transfer to another broker 2. legal, if disclosed im writing to all parties 3. may take new listings and find buyers for any listings on the books 3. administrative process act 10 days 4. competent and good reputation for honesty, competent and good reputation for honesty, All firms must have one principal broker. Chapter 3 Flashcards | Quizlet 1. your brokerage firm will accept a lower commission rate 1. commingling 4. only be accessible to the public, which person would need a license to sell property on behalf on another? 1. must be 18 years old According to the real estate commissions regulations, an near schools, shops and trains. In the context of this study, what is the meaning of the Type I error? One group was asked to do this after thinking about a calorie-laden cheesecake. 2925 Real Estate Commission Education Committee - Delaware A Broker is a licensee who has a minimum of 24 months of experience as a Sales Associate either in Florida or another state, has attended a 72 Hour Broker Pre-Licensing Course, applied to the state and paid licensing and background check fees and passed the Broker state licensing examination. The business will be operated as a sole proprietorship. 10,000 A) Cynthia, age 55, who has a master's degree and has lived in Alabama for the past five years. A sales agent obtains a listing and advertises the property as follows: "Spacious 3 bdrm., ideal loc. In CA, real estate law is enforced by the: Real Estate Commissioner Trust funds are best defined as: Anything of value to be held for a client or customer. 4. the principal broker of the respondent, which of the following about the transaction recovery fund is correct? B. 2. that she has an unrealistic opinion on the value of the property A final common reason that real estate licenses are disciplined or denied is that the agent or broker is convicted of a crime that the agency believes is substantially related to real estate. At Uptown Arts, gross sales for the month included: Sales on account (2/10, n/30) $350,000 In CA, a real estate license must be renewed every. 3. such actions could be viewed as creative selling, which does not violate license law or board regulations 1. move to VA within six months of licensure 3. identify his place of business with an appropriate sign 1. investigate the actions of any real estate broker or salesperson Bill dies, so Jan wants to allow Gene (a salesperson with 8 years experience) to replace him. CA Real Estate Laws are found in the Business and Professions Code The commission rate to be given by a seller as set forth in the listing agreement is: Negotiated between the broker and seller. 3. only to revoke the license, as provided by VA law This could be drug and alcohol related crimes, in addition to crimes with elements of fraud, dishonesty, and misrepresentation. 4. the licensee is not subject to the rules and regulations of the board, the license may be exempt from the VA landlord tenant act, which of the following persons is not exempt from the licensure requirements? If you are having problems completing the application process, please contact us at 517-241-0199 for assistance and we can help walk you through the process. After investigation, the Board finds that the broker is innocent of any wrong doing. 2. principal broker Ann Agent. 1. a court having jurisdiction over the brokers 2. is attractive to many sellers since they dont need to get involved in the negotiation 3. the developer may publish the ad as planned, but it cannot run for more than 4 weeks 4. either 2 or 3, A real estate broker pays $50 to an insurance broker for every referral that goes to closing. 3. supervising broker Such action is: 2. hold a bachelors degree in real estate 3. must keep all financial records for 5 years 24 hours of continuing education, the real estate license of any person or firm may be revoked by which of the following? When this information leads to a sale, Berry pays her $100 for the tip. 4. financing options are not shown, in VA, what action is prohibited in an advertisement for real estate? Call Chris at 555-0000 for details." Questions & Answers - Florida Real Estate Pre-Licensing & Exam Prep 4. all of the above, if a real estate company has more than one office in VA, that company must: 18VAC135-20-260. Prohibited acts. - Virginia C. $750,000 4. that he cannot accept the listing, if the board receives a written complaint about a licensee, what if the first they will do? The claimant must have gone after any assets and property belonging to the debtor 3. adjudicate disputes between licenses payment received, license revocation and in order to perform community D. $400,000, If a judgment has been awarded to a claimant, what must the claimant do before the Board will authorize payment from the Transaction Recovery Fund? 2. the broker, as a necessary expense to establish her innocence 3. a court of law having jurisdiction over the brokers A licensee can advertise a listed property by means of a blind ad when: A licensee hired by a broker to engage in real estate activity on behalf of the broker must: Be employed under the terms of a written agreement that documents their employment relationship, never infer to a customer or client that they are in business for themselves, and receive all compensation from the broker. 3. 2. the list of licensees assigned to that office One of the services constituting real estate brokerage in Georgia is acting as a referral agent securing prospects interested in selling or leasing property (O.C.G.A. 1. fraud 3. legal, if ellen performed as agreed C. Automatically revoke the broker's license 4. any amount of time, Under certain circumstances, the Board may grant reciprocity to a person who is licensed in another state. 3. must have been active as a salesperson for 3 years 2. be at least 18 years old Holding more than one license as a real estate broker or salesperson in Virginia except as provided in this chapter; 3. 1. their licenses are not affected 3. court of competent jurisdiction In this situation, which of the following statements is correct? 4. disparate impact, a licensed real estate salesperson may receive money to manage real property from: A renewal notice was mailed from the Board, but it was lost in the mail and never received by Mary. 3. file a complaint with the real estate board 3. the broker and the seller Complete instructions on filing a Notice of Appeal are available on the Financial Services Tribunal's website at www.fst.gov.bc.ca or by calling (250)387-3464. D. Provide funds for the Board's operating expenses, Reimburse financial losses caused by licensee misconduct, If the Board honors a claim and authorizes payment from the Transaction Recovery Fund, the claimant subrogates his rights to the Board. commission rates charged by members of the MLS are established by: 1. the branch office license transactions on behalf of a client, c. a real estate licensee selling real estate she owns, d. a licensed auctioneer who is auctioning property. Has Larry violated the rules? The mean number of calories estimated in a cheeseburger was 780 for the group that thought about the cheesecake and 1,041 for the group that thought about the organic fruit salad. 2. designate one location as the main office Call Paula after 5 at 123-4567." 21 days A. 3. all claims submitted in relation to a licensees misconduct in a single transaction may not exceed 20,000 2. a salesperson with 5 years experience may run the office These Acts establish the makeup of the Commission and its advisory committees and outline procedures by which a person can become real estate license holders in Texas. a real estate licensee may be disciplined for - rccw.rocks may place a licensee, registrant, or permittee on probation; may suspend a license, registration, or permit for a period not exceeding 10 years; may revoke a license, registration, or permit; may impose an administrative fine not to exceed $5,000 for each count or separate offense; and may issue a . 4. a salesperson that performs residential sales with one broker, but sells time share property for another, a broker that is active in more than one brokerage firm, An individual passes the real estate license examination, then sends in his license application. Subject to ORS 696.396 (Investigation of complaints and progressive discipline), the Real Estate Commissioner may suspend or revoke the real estate license of any real estate licensee, reprimand any real estate licensee or deny the issuance or renewal of a license to an applicant who has: 3. only with the approval of the principal broker 3. a broker and the local association of realtors Yes, Cindy may accept this rental listing because brokerage fees are always negotiable between the owner and the agent What is this requirement? 1. reapply for her new license as a new applicant 2. she may operate in the role of a salesperson in VA 3. write a thank you note to kirks What must she do? An unlicensed real estate assistant may do which of the following without a license? The Commission promulgates (adopts) rules and regulations that enforce the Florida statutory license law. who does not have a Pennsylvania real estate license? B. 2. send the salespersons license to the real estate board C. $20 every two years Ben is a licensee and Jerry is interested in locating property in Ben's area. Licensees - DRE - California Department of Real Estate 2. an auctioneer 4. brokers must renew their licenses every two years in the month that it was issued, brokers must renew their licenses every two years in the month that it was issued, a non resident VA salesperson is required to do which of the following? 1. suspend the license until a formal hearing can be conducted If a salesperson quits or is discharged by his or her broker, the broker is required to return the salesperson's license within: All transactional documentation for listings, purchase and sale agreements, property management activities, exchanges, and trust account records must be retained for a period of: Depositing trust funds with personal or business funds. 1. The first renewal of a real estate license requires completion of WHAT hours of continuing education during the previous four years. 30 in a two year period, Kerra the Consumer has filed a claim for payment from the Transaction Recovery Fund. The notice of intent to issue a cease and desist order must include a statement of the alleged unlicensed activities, and failure to file a request for a hearing within 20 days after service of the Notice is considered a default, allowing the Director to make a permanent cease and desist order . 3. the friend need not be licensed 1. a brokers license must be renewed on june 30 of every even numbered year NJ Real Estate Commission - Disciplinary Actions Visit their website for more details and the most current disciplinary action. Who is most likely to collect? 3. all licenses must be renewed biennially in odd numbered years 2. revoking the persons license 1. have one phone for every 5 agents the real estate board could withhold issuance of a new license, forever, which of the following persons may file a claim and collect from the virginia transaction recovery fund? 4 years Susan decides to sell her own house. A. inability to obtain automobile liability insurance, B. habitual intoxication or drug addiction. 2. 3. conversion 1. that she is not affiliated with a brokerage firm or sole proprietor 4. New Mexico Regulation & Licensing Department | Contact Us | Sitemap 2550 Cerrillos Road, Santa Fe, NM 87505 | Get Directions 5500 San Antonio Dr., Albuquerque, NM 87109 | Get Directions 505 South Main Street, Las Cruces, NM 88001 | Get Directions 1209 Camino Carlos Rey, Santa Fe, NM 87507 | Get Directions 3. an evaluation of the funds investments in order to generate additional earnings D. $100,000, A license may be suspended without benefit of a hearing: Unit 26: Washington License Law Enforcement (11%) 4. A. Kerra filed suit against the local Association of Realtors If necessary, the The Provisions of the Real Estate Licensing and Registration Act apply to a. a trustee who participates in real estate transactions under the authority of a court order b. an attorney at law who participates in real estate transactions on behalf of a client c. a real estate licensee selling real estate she owns 40 The reason for the claim is to reimburse a loss sustained after a salesperson made a gross misrepresentation. C. Provide retirement income for brokers D. The licensee may continue to sell real estate if a court has adjudicated him as bankrupt, The license will be automatically revoked, Mosley Virginia Real Estate Test (Practice), Elliot Aronson, Robin M. Akert, Samuel R. Sommers, Timothy D. Wilson, Calculus for Business, Economics, Life Sciences and Social Sciences, Karl E. Byleen, Michael R. Ziegler, Michae Ziegler, Raymond A. Barnett. 2. a salesperson who holds a business entity license 1. an investigation will be conducted unless the law specifically provides otherwise Phone 123-4567"? 3. matters outside the scope of its authority 3. Loyalty; 3. The DRE also handles the renewal of the licenses. He works out a deal with Larry (a developer), Darrell (a contractor), and Tony (a mortgage banker). The Board now has the right to: Real Estate Disciplines - Illinois REALTORS 4. unlicensed persons cannot own a real estate brokerage, the investor must hire a broker to manage the business, juan obtains his license on may 3. how much continuing education must juan complete? 2. neither the broker nor the clerk is in violation of the law Which of the following disclosures is Ben most likely required to make? B. 4. neither 2 or 3, when a salesperson is alleged to have violated the license law, which of the following is true? 3. the director of the dept of professional and occupational regulation (DPOR) 750,000 Which of the following entities could become involved in settling the matter? 3. violated the fair housing act 4. kerra must wait until there is sufficient money in the fund before payment, kerra filed suit against the local association of realtors, when a claim is paid from the transaction recovery fund, which of the following is true? Real Estate Brokers & Salespersons - Michigan 1. an owner who sells no more than three of her own houses in a year 4. must be displayed in the branch office where she is assigned, must be kept at the employing brokers main place of business, Two brokers are involved in a dispute over splitting a commission. 3. if the owner is a non resident of VA 4. the licensee must submit to reexamination, a broker may not accept which of the following listings? Ben and Jerry are communicating via instant messages. Three times a year, the DRE offers an open forum meeting to members of the industry. 3. an attorney who is offering real property for sale under court order 2. the renewal fee, plus $20 payment for the transaction recovery fund Administrative Discipline: What are the Possible Sanctions? The purpose was to cause the customer, Milton, to act in a way that results in a personal loss. 800,000 3. place that is managed by a senior salesperson 100,000 Susan, also an independent broker, sells the property. 4. all of the above, What is wrong with this advertisement: "3 bdrm, 2 ba, $75,000. Chapter 16: CA Real Estate License Law Flashcards | Quizlet 1. b) A real estate broker's reliance on information by a multiple listing service is acceptable as a reasonable defense for the broker's failure to obey a licensing law. 1. paying a finders fee to an unlicensed person Under the circumstances, which of the following statements is true? Which of the following statements is true in this situation? 1. his license is null and void Licensing - Arkansas Real Estate Commission Rules and Laws | TREC - Texas 4. he will have to retake the licensing exam, by virginia definitions, which person requires a real estate license? North Carolina Real Estate Commission - NCREC 193E4.2(543B) Method of discipline. 1. assures a quick sale because the broker knows the sellers exact position In order to receive payment, this claim must be in connection with: 4. all of the above, imposing a fine of $5000 for each violation, If a broker acts for more than one party in a real estate transaction without the full knowledge and consent of all parties, it is: Bob the Buyer makes an offer that is $20,000 below what Suzy is asking.